Answer:
a. Michael's personal assets are not recorded on the company's balance sheet:
Explanation:
the question in incomplete, so I looked it up:
Michael McNamee is the proprietor of a property management company, Apartment Exchange, near the campus of Penscola State College. The business has cash of $8,000 and furniture that cost $9,000 and has a market value of $13,000. The business debts include accounts payable of $6,000. Michael's personal home is valued at $400,000, and his personal bank account has a balance of $1,200. Identify the principle or assumption that best matches the situation:
In accounting, the economic entity principle states that a company's financial records are separate and distinct from the financial records of its owners. Even though Michael is the owner of company, his personal assets should not be included in the company's financial statements.
Answer:
Estimated Warranty Liability December 31, 2020
Debit Credit
Beginning balance $0
Actual Warranty Expenditure $12,000 Estimated total cost of $48,000
Warranty $800,000*6%
Ending Balance $36,000
$48,000 $48,000
Estimated Warranty Liability December 31, 2020
Debit Credit
2021 Servicing Expense $35,000 Beginning balance $36,000
Ending Balance $61,000 Estimated total cost of $60,000
Warranty $1,000,000*6%
$96,000 $96,000
So, the company should report an estimated warranty liability of $61,000 at Dec 31, 2021
Answer:
Explanation:
From the question, we are informed that the British government has a consol bond outstanding paying pound 100 per year forever and that the current interest rate is 4% per year.
A. What is the value of the bond immediately after a payment is made?
The value of the bond here will be the present value of the payment on perpetuity. This will be payment divided by rate.
= $100/4%
= $100/0.04
= $2500
B. What is the value of the bond immediately before a payment is made?
The bond value here will be the value of the payment added to the value of the bond immediately after a payment is made which is calculated in (a) above. This will be:
= $100 + $2500
= $2600
<span>In order to direct email to a third party remote's spam filter the </span>MX (Mail Exchange) Record needs to be changed. The Mail Exchange record is an entry in a DNS that identifies the mail server responsible for handling the domain name.
The protocol that is used to access remote email storage is the e-mail protocol <span>Internet Message Access Protocol (IMAP).</span>
Answer:
Explanation:
Data provided in the question:
Accounts receivable = $14,000
Prepaid insurance = $2,600
cash = $10,400
supplies = $3,800
Debt investments (short-term) = $8,200
Now,
Balance sheet listing the items in the proper sequence is as follows
Current Assets Amount
Cash $10,400
Debt investments (short term) $8,200
Accounts receivables $14,000
Supplies $3800
Prepaid Insurance $2,600
=================================================================
Total current assets $39,000
